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EURUSD: Key Range Bottom in Play

By , Currency Strategist
17 December 2010 03:15 GMT

Strategy: Short at 1.3315, Targeting 1.2969

Weekly Profit / Loss: +40 pips

Total Profit / Loss: +40 pips

We sold EURUSD earlier this week after prices put in a bearish Gravestone Doji candlestick below resistance at 1.3471, the 38.2% Fibonacci retracement of the 11/4-11/30 downswing. The pair has dropped to support at 1.3161, the 14.6% retracement level. We will remain short, looking for a break through near-term support to expose our initial target at 1.2969. A stop-loss will be activated on a daily close above 1.3499, the Doji wick high.

EURUSD_Stay_Short_as_Prices_Test_Range_Bottom_body_12172010_EUR.png, EURUSD: Key Range Bottom in Play

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17 December 2010 03:15 GMT